GULL LAKE, Saskatchewan Project

Cobra owns a 14.665% non-operated working interest in nine oil wells, plus gathering and disposal facilities. As of November 30, 2019, eight wells were on production, with production from this project comprising all of Cobra’s revenue. Average annual net production to Cobra as of November 30, 2019 totalled 81 boepd.

The Gull Lake wells produce medium gravity crude, associated gas, and water, from either the Roseray and Upper Shaunavon formations. A recently completed high resolution 3-D seismic interpretation identified additional potential drilling targets on the joint venture acreage, however, recent drops in commodity prices have resulted in the suspension of all production and further activity until prices improve.